Hong Kong Fintech Unicorn WeLab To Enter Increasingly Crowded Indonesian Digital Banking Market

WeLab, a fintech unicorn startup based in Hong Kong, is planning to launch a digital bank in Indonesia in the second half of this year, following its $240 million deal to buy a controlling stake in Bank Jasa Jakarta. However, Indonesia’s digital banking market will be tough to crack, as traditional banks and tech companies have rushed into the growing market.

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Indonesia Aims for Fastest Growth of Jokowi’s Term

The Indonesian president’s words were surprisingly steadfast and straightforward. Holding the attention of an arena with tens of thousands of supporters, Joko “Jokowi” Widodo seemed to be making threats. “We must invite as much investment as possible to create jobs. No one should be allergic to investment… Anything that obstructs investment must be trimmed.” Among his list of trimmable obstructions are

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